Deal Talk: Edelweiss, Kedaara raising new funds; Classplus, Clovia seek VC funding

 Deal Talk: Edelweiss, Kedaara raising new funds; Classplus, Clovia seek VC funding

Indian financial services firm Edelweiss Group is raising $1.5 billion via a new stressed asset fund, a media report said. This will be India’s largest distressed asset fund, as per a report by The Economic Times.

Edelweiss is raising the fund through its unit Edelweiss Alternate Asset Advisors (EAAA) in the next few weeks

It has held discussions with Canada’s Ontario Teachers’ Pension Plan Board and CDPQ, Swedish pension funds and Germany’s Allianz Investment Management to raise capital, the report said.

Edelweiss anticipates a spike in special situation takeovers of heavy-debt companies in the aftermath of the coronavirus pandemic, the report said.

Kedaara’s third fund

Homegrown private equity firm Kedaara Capital is looking to mark the final close of its third fund at $1 billion (Rs 7,300 crore) and trump some domestic PE firms in raising a billion-dollar corpus, The Economic Times reported.

Kedaara had raised $575 million in 2013 for its maiden fund and $750 million in 2017 for its second vehicle. It will manage nearly $2.5 billion in assets after raising the third fund, the report said.

Classplus

New York-based alternative investment firm Tiger Global is looking to participate in the fresh funding round of Indian ed-tech startup Classplus, as per a report by news website TechCrunch.

The $30 million funding round — comprising primary and secondary deals — will value Noida-based Classplus over $250 million. Classplus develops web and mobile-based tutor enablement app on high tech and startup companies, the report said.

Clovia

Purple Panda Fashions Pvt. Ltd, which owns and runs flagship lingerie brand Clovia, is looking to raise $15-20 million in a new funding round, as per a report by news website VCCircle.

The company is negotiating with venture funds like Lighthouse Funds, Gaja Capital, Norwest Venture Partners, and Faering Capital, the report said.

The Capital Quest